Friday Interview: Karen Barwick on getting your finances in order

In partnership with Laurus Associates

The story behind Laurus Associates

Karen Barwick is one of the directors of Laurus Associates in Jesmond. The team at Laurus prides itself on delivering compassionate, knowledgeable advice to clients from birth through to retirement and later life care funding advice.

As a firm of Chartered Financial Planners, the team has secured the highest level of qualification in the world of finances and helps clients of all ages with every aspect of financial planning for the future. The chartered status is a widely accepted ‘gold standard’ qualification for our profession.

Hi Karen, tell us a bit more about Laurus Associates

I always say that working in financial services can be a tough job to describe as it encompasses so many aspects. People just don’t understand what we do. We’re Chartered Financial Planners – but what does that actually mean to the general public?

The first thing we tell people is that we don’t sell anything, we advise. We help people through the minefield that is personal financial planning. Anything from setting up trust funds for children to advising on investment and pension portfolios, life assurance and establishing wills and lasting powers of attorney. In addition, we offer a suite of services to SMEs.

How can people make the best use of time during the Covid-19 lockdown?

There are plenty of ways people can make a start on setting their financial house in order while they can’t get out to see a financial planner:

Make or review your will – confirm who you want to receive your estate or look after your children in the event of your death.

Review your old insurance policies – check coverage, ensure you’re not over-insured and scrap any out of date paperwork while you’re at it.

Establish a lasting power of attorney (LPA) – There are two types, one for property and financial affairs and another for health and welfare. An LPA enables your family or loved ones to make financial decisions, or with regard to your health and wellbeing, on your behalf should you become incapacitated in some way.

Update your pension beneficiary form – pensions aren’t part of your estate and are therefore not covered by your will. If you want someone to benefit from your pension following your death, you need to fill in a beneficiary nomination form.

Consider new insurance policies – it’s probably cheaper than you think. Life assurances can protect your loved ones should you pass away.

Review your monthly budget – delve into your statements and discover what you actually spend your money on and how you could improve on that.

Get all of your important documents in order – arrange all of your financial documents and policies in one easy-to-find folder. This will make life easier for your loved ones following your death.